First quarter performance in line with expectations, given ongoing market disruption
· Insurance performance overall was broadly consistent throughout the quarter. Car and home saw a slight decline versus the prior year. Life was down and travel revenue remained negligible, with both lapping strong 2020 comparables.
· Within Money, the quarter was impacted initially by lower year-on-year search demand for credit products and the continuation of tightened lending criteria. However, as the quarter progressed, we saw a gradual improvement in both conversion and demand. Banking benefited from some promotional offers in February and March.
· Within Home Services, while savings available from energy switching were significantly lower than in Q1 2020, energy performance improved from January into February and March. This was helped by the MSE collective switch and the energy price cap announcement. Broadband continued to perform well throughout the quarter.
· Within Other, TravelSupermarket revenue remained negligible due to travel restrictions. Decision Tech continued its double-digit growth in both B2B and B2C. During the quarter, we received notice of termination from a large volume B2B partner, with effect from July 2021. In 2020 this partner contributed c.£15m of revenue and EBITDA in the low single-digit millions.
https://www.investegate.co.uk/moneysupe ... 00039548V/
I had toyed with bringing MONY on board my HYP last year. Reading the above, I'm glad I didn't.
Ian.